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Young’s buys UK bar operator Redcomb for £34m
UK brewery Young’s & Co has purchased London bar operator Redcomb Pubs and its 15 venues in a deal worth £34 million (US$44.3m).
Redcomb Pubs was founded in 2010 by Dan Shotton (left) and Mark Draper (right)
The purchase of Redcomb, which operates sites including Alphabet in Islington and Lockhouse in Paddington, means that Young & Co will now operate 200 venues across the country.
Patrick Dardis, chief executive of Young’s, said: “The team at Redcomb has created an outstanding, well-invested estate of pubs, which we are delighted to add to the Young’s fold.
“The acquisition of these pubs represents an excellent opportunity to continue the growth of the Young’s managed estate. They fit very well with our expansion strategy, which is focussed on high quality managed houses.”
Redcomb Pubs was founded in 2010 and grew to become a “major player within the independent bar company sector”. Figures posted in October 2018 showed turnover for the group reached £16.7 million (US$21.8m) for the year ending 30 June 2018, representing an increase of 10.6% year-on-year.
Managing director of Redcomb Pubs Dan Shotton said: “Our journey from single site in 2010 to the 15 pubs and bars you see today has been an incredibly exciting and rewarding one. We’ve always had a real passion for creating great pubs and have been lucky enough to have built an amazing team around us who share our passion and have helped us grow.
“Through this acquisition we are confident that the estate will continue to go from strength to strength, benefitting from its alignment and synergy with the ethos at Young’s.”